Brent Oil
Brent oil prices fell by 0.22% or US$0.20 relative to the prior week. Oil traded on February 3, 2022, at US$89.14 per barrel relative to US$89.34 on January 27, 2021. Brent oil opened 2022 year at US$78.98 per barrel.
Petrojam prices
87 Octane prices rose by 1.78% (JMD$3.060) and 90 Octane increase by 1.73% (JMD$3.060) this week. 87 Octane and 90 Octane opened the year 2022 at J$167.423 and J$172.88 respectively and now trades at J$174.7828 and J$179.7987 per litre respectively.
Figure 1: Petrojam, U.S. Gulf Coast Conventional Gasoline Regular, and Brent Crude Oil Price History
This Week in Petroleum
U.S. average regular gasoline and diesel prices increase
On January 31, 2022, it was noted that, “the U.S. average regular gasoline retail price rose nearly 5 cents, to $3.37 per gallon on January 31, 96 cents higher than a year ago.” The Gulf Coast price rose 2 cents to $3.03 per gallon, the West Coast price remained unchanged at $4.16 per gallon, the East Coast and Midwest prices each rose more than 6 cents to $3.31 per gallon and $3.19 per gallon, respectively and the Rocky Mountain price fell less than 1 cent, remaining virtually unchanged at $3.33 per gallon, the Rocky Mountain price rose less than 1 cent, remaining virtually unchanged at $3.33 per gallon.
The average diesel fuel price rose nearly 7 cents to $3.85 per gallon on January 31, $1.11 higher than a year ago. , the Rocky Mountain and Midwest prices each rose nearly 6 cents to $3.76 per gallon and $3.71 per gallon, respectively, the East Coast price rose more than 7 cents to $3.85 per gallon, the Gulf Coast price rose nearly 8 cents to $3.61 per gallon and the West Coast price rose more than 5 cents to $4.54 per gallon.
Inventories for propane/propylene decline
There was a decrease in U.S. propane/propylene stocks last week by 4.3 million barrels to 49.8 million barrels as of January 28, 2022, 7 million barrels (9.3%) less than the five-year (2017-2021) average inventory levels for this same time of year.
Additionally East Coast inventories fell by 2.0 million barrels, Midwest inventories fell by 1.9 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each fell by 0.2 million barrels.
For additional information click the link below:
https://www.eia.gov/petroleum/wekly/
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